Natural gas (08.04.2014) touched the highest level since 2010 in this winter & now its time to change the gear.
Now natural gas is trading around $4.49 & as we can see on charts, natural gas continue trading in a minor downside channel & touching the top line of descending channel which was able to stop the rally 2 times earlier. At the same time this area is just below 38.2% february correction level as well as indicators are turning negative.
Visit here For Live MCX Natural Gas
On fundamental front, continue mild weather in US major gas consumption area will reduce the gas demand & gulf area still waiting for the first storm activity.
Based on above studies, we will prefer to sell natural gas for possible target around $4.180 & then $4.030. A day close above $4.710 will reject the forecast.